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Ami Organics to launch IPO next month

Our Bureau | Updated on November 09, 2018 Published on November 09, 2018

Surat-headquartered Ami Organics, which had received SEBI nod for an initial public offering (IPO) in October, is getting ready to launch its IPO in the first half of next month. The company, according to the draft red herring prospectus (DRHP), will sell 35 lakh shares through the initial stake sale.

Ami Organics will finalise the price band in the first week of December. The company shares will be listed on the BSE and NSE.

The company, according to merchant banking sources, plans to raise about Rs 350 crore through the IPO. Proceeds of the IPO will be used to repay borrowings, fund long-term working capital requirements and for general corporate purposes. ITI Capital is the sole book running lead manager to the issue.

Ami Organics has developed over 250 intermediates for active pharmaceutical ingredients (APIs). It also has a joint venture with the US-based Onco-Theranostics to develop new photosensitising compounds used to identify and treat cancer through patent and patent applications.

Earlier this week, Mumbai-based Neogen Chemicals had filed a DRHP with SEBI for an IPO, which comprises fresh issue of up to Rs 70 crore and an offer for sale of up to 2.9 million shares by promoters.

Neogen, a manufacturer of bromine- and lithium-based speciality chemicals, will use the proceeds for repayment of loans, long-term working capital and for general corporate purposes. Inga Advisors and Batlivala & Karani Securities India are the book running lead managers to Neogen’s IPO.

Published on November 09, 2018
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